Nvidia stock price today – Technical analysis
In today’s video we looked at charts of Nvidia (Nasdaq: NVDA) in multiple time frames and then took a quick look at the equity indexes (Nasdaq, S&P 500, Dow).
Nvidia announced earnings today after the market close and the markets seemed hesitant during today’s session while waiting for this big event.
Tomorrow morning, we will have the Jobless Claims report and the markets will most likely react to that. We mention this because tomorrow’s market action in Nvidia may be exaggerated by the reaction to the Claims report.
Nvidia’s earning results pretty much matched the expectations of analysts so we probably won’t see much reaction, either bullish or bearish, based on the earnings results.
If there is anything to be bearish about, it’s the fact that there was nothing exciting in the report or in the company’s conference call. Stock investors who are hyper bullish on NVIDIA stock (and AI tech in general), may have been disappointed by the earnings report because there was nothing to feed their excitement. We might see a little bit of bearishness in the stock if these investors adjust their investments in Nvidia.
During the conference call there was acknowledgment of the design challenges faced with the Blackwell chip and brief mention of the rework required. Little detail was provided however, and the company is still expecting to begin shipping the new chip in Q4.
Nvidia stock price charts
The most striking attribute about Nvidia in the daily time frame is the flag pattern, which is a continuation pattern. This Technical analysis pattern gives us a price target of about 160,
In the video we also covered Nvidia price charts in the weekly, monthly, and quarterly time frames. All of these charts suggest that the primary trend in NVDA is to the upside. Watch the video to discover Nvidia stock performance in these longer time frames.
Stock market index charts
After examining Nvidia price charts we did a quick overview of the equity markets in the daily time frame.
As we explain in the video, the Nasdaq has an open gap overhead that remains unfilled. Having the market approach this gap and then rollover is a sign of weakness.
One of the common sayings among Technical analysts is, “Price abhors a vacuum.” This saying expresses the idea that gaps act as price magnets and they usually get filled. So again, the fact that this gap remains unfilled is somewhat bearish.
Another bearish indication comes from the Dow price chart where we find a double top. We also pointed out that price has become very overbought based on the MACD indicator.
Take a look at the video for more details on how Nvidia is performing and let us know if you agree with the price target at $160.
